Geno Smith’s contract restructure still leaves more questions than answers about 2024 status

Once the Seattle Seahawks informed Geno Smith he’d remain on the roster through Feb. 16, when his $12.7 million salary for 2024 became fully guaranteed, many saw it as a move that ensured he’d remain the team’s starting quarterback next season.

However, the Seahawks have since restructured Smith’s contract, leaving us with more questions than answers about his status as Seattle’s signal-caller moving forward.

Seattle Seahawks restructure Geno Smith’s contract

According to ESPN’s Field Yates, Seattle converted Smith’s $9.6 million roster bonus into a signing bonus, creating $4.8 million in cap space for 2024.

What does this mean for the Seahawks and Smith?

While it frees up cap space for this upcoming season, it also lessens Smith’s cap hit by roughly $5 million in 2024 and should make him a more tradeable asset in theory — if the team elects to move on from him.

Per Bob Condotta of the Seattle Times, Seattle’s “precedent has generally been to do restructures only with players they intend to keep,” suggesting that Smith should stick around — at least for 2024.

Condotta mentions how the move could foreshadow his future in Seattle beyond next season, with his cap hit for the 2025 campaign climbing from $33.7 million to $38.5 million.

After reviving his career in 2022 en route to winning AP Comeback Player of the Year, Smith regressed in 2023 but still looked like a capable veteran starter and led his team to a winning record despite missing the playoffs.

In 15 starts, Smith completed 64.7 percent of his pass attempts for 3,624 yards, 20 touchdowns and nine interceptions.

Moreover, the Seahawks are welcoming 36-year-old rookie head coach Mike Macdonald in 2024, so having a veteran presence like Smith under center will be critical as he gets acclimated in his newfound role.